Bangladesh: National Parliament passes budget for 2020-21 FY
On 30 June 2020, national budget of Tk. 5680 billion for the fiscal year 2020-2021 has been passed in national Parliament and the National Board of Revenue (NBR) has published the Finance Act 2020 with effect from 1 July 2020. The Key tax
See MorePoland: Ministry of Finance further extends TP documentation deadline due to COVID 19
On 24 June 2020, the Polish Ministry of Finance announced the further extension of transfer pricing documentation deadlines due to the coronavirus pandemic. The announcement extends the local transfer pricing documentation preparation deadline as
See MoreDenmark: Supreme Court makes a decision regarding royalties and TP documentation
On 25 June 2020, the Supreme Court made a decision on a case, entitled “Denmark vs. Adecco A/S”, in favor of Danish company, Adecco, and its Swiss parent company in a dispute involving the deductibility of royalties and the sufficiency of
See MoreChile: Government announces speedy VAT credits for small businesses
On 30 June 2020, the Government announced that small businesses may receive speedy refunds within 10 days on VAT credits if they can show more than 30% drop in
See MoreCanada: Government confirms the end of GST payment scheme
On 30 June 2020, the Federal Government confirmed the ending of the GST or GST payment delay scheme. However, businesses still in COVID-related difficulties, may apply for continuing payment
See MoreSouth Africa: Finance Minister delivers 2020 Supplementary Budget review
On 24 June 2020, the Finance Minister presented the supplementary Budget review for the year 2020. The key points of the review are given below: To build a bridge to recovery beyond COVID-19.Revision to in-year spending plans and the division of
See MoreKazakhstan deposits MLI ratification instrument
On 24 June 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, Kazakhstan on 24
See MoreIreland: Tax authority extends the DAC6 reporting timelines by six months
Due to coronavirus outbreak, the European Commission has recently agreed to delay the entry into force of certain European Union (EU) taxation measures. Among these is the delay of Council Directive 2018/822, commonly known as the Directive on
See MoreSweden: Tax Agency extends deadlines for DAC6 reporting amid COVID-19
On 24 June 2020, the Swedish Ministry of Finance published a statement announcing its intension to extend the reporting deadline of EU directive on reporting requirements for certain cross-border transactions (DAC6) due to the outbreak of the
See MoreCzech Republic: Financial Administration announces to expect a delay on DAC6 implementation
Amid COVID-19 pandemic, and in response to requests from European trade associations, the European Commission has published its proposal to amend Directive 2011/16/EU which deals with various strands of administrative co-operation in the field of
See MoreBelgium declares guidelines on EU directive DAC6
On 26 June 2020, the Belgian tax authorities published a circular on the EU directive on mandatory disclosure of cross-border arrangements (DAC6) with effective from 1 July 2020. The published circular provides guidelines on the interpretation
See MoreCyprus: House of Representatives passed the law to implement EU ATAD
On 19 June 2020, the Cyprus Parliament adopted the law to implement the provisions EU Anti-Tax Avoidance Directive (ATAD I) with respect to exit taxation rules, as well as, the provisions of the amending Directive (ATAD II) with respect to
See MoreOECD: Global Forum Launches Website
The Global Forum has launched a website giving an overview of worldwide progress on the implementation of global tax transparency and exchange of information standards. The Global Forum which has 161 member countries is mandated to ensure
See MoreBelgium: Parliament adopts business loss carry-back relief
On 18 June 2020, the parliament of Belgium adopted a bill providing provision for loss carry back applicable for companies in response to Covid-19 pandemic. The loss carry back is provided by allowing for the creation of a tax-exempt reserve
See MoreOECD: Tax Database Brochure Updated
On 23 June 2020 the OECD issued the 2020 update to the brochure introducing the OECD’s Tax Database. Households - Tax Wedge The database looks at the average tax wedge for four different types of family, looking at the tax wedge of
See MoreNetherlands updates mutual agreement procedures
On 22 June 2020, the Ministry of Finance issued a decree updating the mutual agreement procedures (MAP). The decree is effective retroactively to 11 June 2020, and replaces a prior (2008) decree. The decree was updated to reflect recent
See MoreAustralia updates instructions for local file 2020
The Australian Taxation Office (ATO) updated the instructions for local file. These instructions apply to the local file for 2020. This relates to reporting periods starting on or after 1 January 2019. According to the instructions, local file
See MoreOECD: Tax Transparency in Africa 2020
On 25 June 2020 the OECD’s Global Forum on Transparency and Exchange of Information launched Tax Transparency in Africa 2020 which is a Progress Report of the Africa Initiative up to and including 2019. The Africa Initiative was set up in
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